Financial Daily from THE HINDU group of publications
Tuesday, Sep 13, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 13, 2005 |
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Corporate
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Preferential Allotments Hind Dorr-Oliver to make preferential allotment to IVRCL Our Bureau
Hyderabad , Sept. 12 THE board of directors of Hindustan Dorr-Oliver Ltd (HDO), which has now become the subsidiary of IVRCL Infrastructures & Projects Ltd, has on Monday decided to issue equity through preferential allotment route. In a press release here, IVRCL said the HDO board has decided to issue 15.7 lakh shares on preferential allotment basis at Rs 320 per share in accordance with the SEBI guidelines. The HDO board has also decided to issue in favour of IVRCL two lakh warrants convertible into equivalent number of shares at the rate of Rs 320 per share within 18 months from the date of allotment of warrants. Further, it has also approved a resolution to issue one lakh employee stock options convertible into one lakh equity shares on exercise of options to the company's employees at Rs 240 per share. However, these decisions are subject to the approval of its shareholders at the extraordinary general meeting (EGM) scheduled for October 8, the IVRCL release said.
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